Ichimoku Indian Stock Pullback Trade for the Week ending March 18, 2016: UNITED SPIRITS LTD., SELL

On March 03, 2016, we received an Ichimoku Bearish Pullback opportunity to take a Trade on UNITED SPIRITS LTD. Stocks. The opportunity was for a bearish pullback on a very strong Multiple Time Frame Resistance.  As soon as the price hit the Resistance, it had a strong momentum supporting it. There was an ideal opportunity to take a pullback trade. The entry was at Rs 2522.85, Initial stop of Rs 2562.02 and a Preserve Mode of Rs 2292.32 was set. That gave us a risk of Rs 39.17 per share. The Entry, Initial Stop and the Preserve Mode were based on proprietary ichimoku strategy. As soon as the price started to move in the direction of the trade, a trailing stop method was applied, again based on proprietary ichimoku strategy. The price hit the anticipated preserve mode and the trade exited, giving us a profit of Rs 230.53 per share. This trade gave a Risk to Reward Ratio of 1: 5.89. Here is the chart setup:

03_03_2016_UnitdSprt_PB 1

If you would like to learn how to trade like an institutional trader or learn more about our multi-timeframe email alerts, go to www.ichimokutrade.com or email us at info@eiicapital.com

EDUCATIONAL USE: Commodity Futures Trading Commission, Forex, Futures, Equity and Options Trading has large potential rewards, but also has large potential risk and may not be suitable for everyone. You must be aware of the risks and be willing to accept them in order to invest in these markets. Do not trade with money you cannot afford to lose. This is neither a solicitation nor an offer to Buy/Sell. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this document. The past performance of  any trading system or methodology is not necessarily indicative of future results. All information provided on the Blog is for educational purpose.

About the Author Vinesh Midha